EUR/USD Technical Analysis– Prices are testing below support at 1.2996, the January 4 low. A bounce from here sees initial resistance at 1.3141, the 23.6% Fibonacci retracement. A break above that targets the 38.2% level at 1.3250. Alternatively, a reversal below support aims for the December 7 low at 1.2875.

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

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